Countrywide ex-CEO charged with fraud

June 5, 2009 at 11:03 am

The SEC is charging mortgage pioneer Angelo Mozilo, the ex-CEO of Countrywide, with fraud and insider trading for actions that triggered the sub-prime meltdown. School of Law Professor Tamar Frankel, an authority on securities law and legal ethics, says it’s about time the feds went after the big fish instead of just the “small fry” because it’s clear signal to leaders that such action is unacceptable.